Commercial banks aren’t satisfying their Millennial customers. It turns out that 66 percent of Millennial business decision-makers would “definitely consider other banks with better services,” according to a new report from Bottomline Technologies.
In the report, How Millennial Decision-Makers Are Changing Relationships Between Businesses and Banks, Bottomline surveyed almost 500 U.S. banking decision-makers about their attitudes toward, and opinions of, their commercial banks. Most businesses including personal banks have adopted online platforms with easy access and use, but commercial banks are lagging. As Millennials take over business decision-making roles, they’re finding the commercial banking experience falls short.
While 83 percent of the Millennials believe a commercial banking relationship factors into their business success, 53 percent reporting using non-bank providers for traditional bank services. Fully 66 percent said they’d switch banks for better service, even though 56 percent said they’d rather go to the dentist.
So if commercial banks aren’t meeting the needs of their important customers, it’s not too late. “Despite challenges with business customers, banks still have tremendous opportunities,” said Bottomline digital banking general manager Norm DeLuca. “Now is the time for banks to leverage the fundamental trust they’ve built with their customers and step up to the plate to offer them a simple and seamless way to make and manage payments. The banks that are willing to adapt to technology and generational changes will regain market share and emerge as the winners in this new landscape.”
The report suggests five ways for banks to make the changes Millennials want. Three technology-focused adaptations include digital account services, mobile-first banking to adapt to device capabilities automatically, and portals focused on banking client business processes, not on banking products. Millennial decision-makers also want help with cash flow and one-stop shopping for financial management.
The report suggests that banks “leverage technology solutions based on Platform as a Service (PaaS) that maximize configurability and more seamlessly integrate the solutions customers need.” And at least improve the experience so your customers like it more than going to the dentist.
You can read the full report at this site.